TL; DR Breakdown
- As Bitcoin gains mainstream acceptance, its marketcap has risen to the same as silver.
- The leading currency is now targeting the $68k mark as it continues going higher.
The bitcoin price has surpassed the $67k mark, breaking its range since October 28. It rose by almost 7% on Monday as it neared $67k with a market cap of $1.3T. The currency’s total crypto market cap is now the same as silver.
The surge has caused the combined market cap of over 11,000 cryptocurrencies in the world to shoot up.
The market value stood at $3 trillion, with Bitcoin dominance at around 42 percent when filing this report.
The recent spike in BTC’s value in the last couple of days follows a bullish month for the overall stock market.
Approval of Bitcoin ETF
The SEC approved the first Bitcoin ETF recently. Its debut on the New York Stock Exchange could have led to the surge too.
According to Anthony Bertolino, VP of growth at iTrustCapital, the new development in the U.S. will positively change the general crypto market. Moreover, it will assist new crypto investors in experiencing the best side of bitcoin as a genuine asset.
The latest development is substantial, considering BTC was trading at almost $12,000 per coin this time last year.
According to Mikkel Morch, executive director at crypto hedge fund ARK36, a $70,000 mark for the top currency is now inevitable.
He notes that the development has happened because of the rise in demand on the ready market. He adds that the market has insignificant sell-side liquidity.
Several analysts believe that bitcoin will see more gains in the future. However, JPMorgan Chase (JPM)CEO Jamie Dimon has condemned crypto. He said that it is insignificant and has no value.
Going to the moon
As of this writing, the BTC/USD value is $67,532. If it violates the $68,000 level, there will be room for buying until the next significant resistance level of $70,000.
Ethereum is the second on the crypto market and closely follows Bitcoin with 18.8 percent market dominance. The crypto also saw a rise of almost 5% in 24hours. Just a day ago, ETH reached another new all-time high when its price went above $4,700. The crypto is now eyeing $5,000.
Meanwhile, El Salvador became the first in history to acknowledge Bitcoin as a legal tender. At the moment, the state is utilizing its Bitcoin returns to cater to various projects. The funds have gone to help the public sector, including developing modern schools and healthcare facilities. The country recently acquired over 1,000 BTC. They also bought over 400 BTC for almost 30 million.